Jim Cramer says investors aren't ditching tech — they just want cheaper stocks

CNBC's Jim Cramer said Wednesday investors aren't abandoning artificial intelligence or technology stocks altogether — they're ditching expensive stocks."There's no revulsion to the data center or AI stocks or even momentum plays, it's just that when bond yields go up, money managers dump their expensive stocks and swap into cheaper ones," the "Mad Money" host said.Some of the market's highest-flying technology stocks have come under pressure in recent weeks, fueling concerns that enthusiasm for AI is fading. Cramer said that's not the case and investors have simply become less willing to pay premium valuations for stocks that need near-perfect results to keep climbing. A common way to compare valuations is the forward price-to-earnings multiple, which divides a company's share price by its expected earnings per share over the next 12 months. The higher the multiple, the more investors are paying for each dollar of expected earnings."The buyers aren't fleeing from the data center or tech in general, they're just fearful of high multiple tech stocks, ... because they have to be perfect," he said.Cramer pointed to MongoDB, which trades at roughly 52 times expected earnings over the n...